With cost overruns coupled with rising construction costs and a perceived soft Las Vegas high rise condo real estate market, this once solid project has now been possibly placed into a state of limbo. However, that fact that the project is seeking outside investors isn't the real reason this project may be in jeopardy. After all, it's location right on the Strip is perfect and with CityCenter practically next door, you should be looking at a slam-dunk winner. And private equity funds are always on the lookout for opportunities such as this. Cosmo still makes for an excellent Las Vegas Strip high rise condo opportunity - someone will step up to the table I'm sure.What bothers me more about this story is that the Cosmopolitan's COO recently quit Cosmo to go work for Fountainbleau Resorts, which just happens to be building a high rise resort at the site of the old Krystle Sands project by the Riviera across from Turnberry. Now why would someone with that kind of job go to a competitor? Perhaps a lot of money was thrown her way... Maybe she thought she just needed a change of scenary... Or perhaps she knows something we don't?
I don't know. But judging from the track record that the Cosmopolitan developer Ian Bruce Eichner boasts and the fact that construction is still moving forward, I'm pretty sure the Cosmo project will bounce back from this and eventually become a reality. And when it does, those who've invested - both development-wise and individual high rise condo unit owner-wise - will be quite happy they smartly spent their money. Interesting Cosmo opportunities still exist - contact us for the details...
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1 comment:
Dear Mr. High-rise:
Don't you understand they are all full of shit? Any business cycle that lasts 5 years is going to be tough. They start not knowing what it will cost and set prices they "hope" will cover costs. It's impossible to guess right. It's a big gamble.
Until they can announce, sell and build a project in less than two years this is what you get - bullshit.
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